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NY Form 5304-SIMPLE: What You Should Know

Under the SIMPLE IRA Plan, employees must be at least age 18 and be financially independent with a high school diploma or GED. Employees must continue to work for the employer to be eligible for a SIMPLE IRA. All employees must contribute. Employees may make contributions using pretax participating account income tax deduction. No required minimum contribution. For all employees participating, the maximum annual SIMPLE IRA contributions can be as high as 5,500, and there is no required minimum contribution. Contributions, earnings and earnings on distribution. Earnings are deemed to be qualified contributions for purposes of a tax-free rollover. If you would like more information on how to determine if an employee's account has qualified contributions to it, please visit our Financial Planning Guide and the Retirement Planning Guide.  For all active employees in New York Life Investments' retirement plans, the SIMPLE IRA plan provides for the following: Tax-free rollovers of qualified defined-contribution (Roth) and traditional (nonRoth) employee 401(k) accounts and SIMPLE IRA accounts; All contributions are also tax-deductible; and No other plan, plan amendment or rollover requirements are required. The following table lists the minimum contribution amounts by year, depending on the employee's age.  The table is approximate. To find the correct amount, make sure you check all the boxes. You can make your IRA contribution in two ways. You can use a pretax or Roth IRA contribution to make your retirement plan contribution. If you use a pretax IRA contribution that qualifies as a tax-deductible plan distribution, you pay the tax on that contribution. This method works well for most SIMPLE IRA plans, since the employee does not have to pay income taxes on these distributions. (For those accounts that require you to use pre-tax contributions to make distributions, you can learn more in Retirement Planning Guide.) You can also put all your SIMPLE IRA contributions to an account at your old company. This is a traditional IRA plan where you make the tax-deductible contributions (without paying a tax) on your own, and you don't make a catch-up contribution for the year (because the contribution is made earlier than the year when you meet the minimum age requirement). To determine your SIMPLE IRA contribution amount you will need the following information. The account number and type of account. The account owner's address and telephone number. The year in which the plan was established.

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